Clerics opposing FRCN Act are money launderers – Bakare

 The Serving Overseer of The Latter Rain Assembly, Pastor Tunde Bakare, has condemned religious leaders in the nation who are against the Financial Reporting Council of Nigeria Act 2011.

Bakare, who made this known on Sunday during his church service monitored in Lagos, described opponents of the law as lawless.

He said by opposing the law, church leaders were trying to prevent the public from knowing about acts of money laundering that they had indulge in by virtue of their positions.

Pastor Enoch Adeboye had earlier resigned as the General Overseer of the Redeemed Christian Church of God citing the Act as his reason.

This led to an outcry from church hierarchy and the fallout of the furore was the sack of the Executive Secretary of the FRCN,  Jim Obazee, for enforcing the Act.

But Bakare criticised church leaders for their stance, saying, “I can testify that the law was explained to kingpins in the church, but now you want to get away because you want to cover your iniquity. You won’t get away with it.

“You want to get away because you have laundered money, and you are now trying to cover your yansh”.

Bakare, who is also the Convener of the Save Nigeria Group, praised the law,  saying it was good for order and accountability in the church.

“I am a trained lawyer, I have read the law. The law specifically mentioned Chief Imams and pastors, that they can have lifelong terms. But it says you cannot be chief priest, chief treasurer, and chief administrator.”

He described church leaders who oppose the law as “pentecostal charismatic rascals” who want to do whatever they like even if the law says otherwise.

“You don’t want to comply with the law, then why did you register under the law? It is a spirit of lawlessness and the anti-Christ because the anti-Christ is a lawless spirit.”

Bakare noted that he was being patient and was waiting for the right time to speak officially on the matter, saying “the fact that I am quiet doesn’t mean I am stupid. I don’t fight useless battles”.

Elumelu Leads High Level Team To World Economic Forum In Davos

Philanthropist and serial entrepreneur Tony O. Elumelu, CON leads a delegation of senior executives from his proprietary investment firm, Heirs Holdings, to the World Economic Forum (WEF), which begins in Davos, Switzerland today

 Elumelu will join global business and political leaders during the event, bringing a message of Africa’s continued economic renaissance and of the critical role that Africa’s private sector is playing in the continent’s transformation. Heirs Holdings executives accompanying Elumelu to the Forum include Transcorp Hotels CEO Valentine Ozigbo and the CEO of The Tony Elumelu Foundation (TEF) Parminder Vir OBE.

Elumelu attends WEF as both Chairman of Heirs Holdings, whose pan-African interests include financial services, energy, real estate, healthcare, power and agriculture; and as Founder of the Tony Elumelu Foundation. The meetings will also provide the opportunity to highlight the $100 million entrepreneurship incubator, the TEF Entrepreneurship Programme. Already, 2,000 African entrepreneurs have benefited from training and seed capital. This year alone, applications for the 3rd cycle of 1,000 places, which closes on 1st March, are expected to exceed 50,000. Given the success and the need to reach an even wider audience, TEF is opening up the opportunity to strategic partnerships to participate and increase access to even more entrepreneurs.

“The massive impact of our Programme so far, proves that it is durable, measurable and scalable,” Elumelu said. “We are already well on our way to accomplishing the goal of catalyzing a new generation of entrepreneurs, and the time has come to scale the programme further to benefit more African each year. We are coming to Davos to seek partners ready to invest in African entrepreneurs, contributing not just time, skills, networks, but also seed capital so that we can scale up and support additional entrepreneurs each year”.

UBA Sends Strong Delegation To World Economic Forum In Davos

 The United Bank for Africa (UBA) will be strongly represented at the annual meeting of the World Economic Forum (WEF), which begins in Davos, Switzerland today. UBA CEO Kennedy Uzoka leads a senior executive team, at one of the most important events on the global economic calendar.

 

The UBA delegation will interact with global business and political leaders during the event. The delegation will also include Group Head of Correspondent Banking Sola Yomi-Ajayi and Head of Embassies and Development Organisations( EMDOs), Dupe K. Olusola, responsible for relationships with multilateral and development organisations.

 

UBA has established itself as one of Africa’s leading financial institutions, with presence in 19 African countries, as well as globally in London, New York and Paris.

 

The event will provide a forum for UBA to build engagement with international institutions. Despite the strong economic headwinds across Africa currently, the Group has committed to increasing its pan-African footprint. Its strengths in corporate banking, payment technology, trade finance, and its millions-strong customer base make UBA a natural partner for global businesses focused on the African opportunity.

 

UBA CEO, Mr. Kennedy Uzoka said about the event: “It is critical that UBA join world business and political leaders to discuss issues central to the progress of our world, and with specific relevance to the continent of Africa. UBA is the natural partner for those seeking access to Africa’s business opportunities – we look forward to engaging with the world’s business community – to show that Africa is open to business and that UBA is ready to partner.”

George Bush hospitalised

Former US president George H.W. Bush has been hospitalized yet again in Houston, local media reported Wednesday.

The 92-year-old, who has seen his share of recent health incidents, had fallen ill but was in stable condition and “doing fine,” his chief of staff Jean Becker told the Houston Chronicle.
The former president was admitted to Houston Methodist Hospital and is expected to return home in several days, although the reason for his hospitalization was not provided, according to local CBS affiliate KHOU.

The oldest of the four living former US presidents, Bush, who served in office from 1989 to 1993, uses a wheelchair and has seemed frail in recent public appearances.

Bush is the patriarch of one of America’s most prominent political dynasties and is father to former US president George W. Bush (2001-2009) and former Florida governor Jeb Bush, who was a Republican contender in the US presidential primary.
In July 2015, the 41st president was treated in a Maine hospital after falling and breaking a bone in his neck. The previous December, he was admitted to Houston Methodist Hospital for breathing problems.
Bush was treated at the same facility in November 2012 for bronchitis, spending nearly two months in the hospital.

United Capital Plc, Societe Generale, Orange, Others Support African SMEs with €77m Fund

 United Capital Plc, a leading African investment banking group, has partnered with global financial and corporate institutions to set up a Franco-African Investment Fund (FFA), with investible funds of 77 million euro. The aim of the fund is to accelerate the growth of innovative and entrepreneurial African and French small and medium scale enterprises (SMEs) with development projects on both continents. It is the first cross border investment fund dedicated to the development of African and French SMEs, and will have a lifespan of 10 years.

The agreement to set up the fund was signed in Bamako, Mali on Saturday at the sideline of the Franco African Summit which was witnessed by the Malian President Ibrahim Boubacar Keita, French President Francois Hollande amongst other global leaders in the private and public sectors. Bunmi Akinremi, The Deputy Group CEO of United Capital Plc, signed on behalf of United Capital, a limited partner on the French Africa Fund.

Other investors in the Franco-African Investment Fund apart from United Capital include: Societe Generale Orange, BpiFrance, Africinvet, Caisse Nationale de Prevoyance Sociale of CDI, Proparco (AFD), SAHAM from Morocco, Financecom, the pension fund of the Central Bank of Kenya and other private investors in

Beyond financial performance, particular attention will be paid to the positive impact of the Fund’s investments in terms of governance, transparency, job creation, and respect for social and environmental values.

The participation by United Capital is considered symbolic as it portends a strategic inroad into the continent, which would see it play big in an emerging continental economy. According to Akinremi, ‘The French government wants to explore growth markets and Africa has been identified as another area of growth. United Capital is keen to encourage the expansion of economic opportunity for Africa’. The Group Chief Executive Officer Oluwatoyin Sanni explained, “United Capital is committed to expanding its investment horizon and identifying prime opportunities to grow returns for its investors not just in Nigeria but on the African continent. The purpose of the fund aligns with what United Capital seeks to achieve in Africa”

The Fund will be split into half, with 50% to be invested in French SMEs who have interest in doing business in and with Africa and the other 50% will be invested in African SMEs. FFA will invest primarily  in African SMEs with high growth potential in order to create champions of regional and even continental statures.

Beyond capital contribution, the Fund managers will assist French companies to grow in Africa and, conversely, African companies in their growth strategy in France and EuropeKenya.   The fund is sponsored by BpiFrance and Africinvet.

UBA Sends Strong Delegation To World Economic Forum In Davos

The United Bank for Africa (UBA) will be strongly represented at the annual meeting of the World Economic Forum (WEF), which begins in Davos, Switzerland today. UBA CEO Kennedy Uzoka leads a senior executive team, at one of the most important events on the global economic calendar.

 

The UBA delegation will interact with global business and political leaders during the event. The delegation will also include Group Head of Correspondent Banking Sola Yomi-Ajayi and Head of Embassies and Development Organisations( EMDOs), Dupe K. Olusola, responsible for relationships with multilateral and development organisations.

 

UBA has established itself as one of Africa’s leading financial institutions, with presence in 19 African countries, as well as globally in London, New York and Paris.

 

The event will provide a forum for UBA to build engagement with international institutions. Despite the strong economic headwinds across Africa currently, the Group has committed to increasing its pan-African footprint. Its strengths in corporate banking, payment technology, trade finance, and its millions-strong customer base make UBA a natural partner for global businesses focused on the African opportunity.

 
UBA CEO, Mr. Kennedy Uzoka said about the event: “It is critical that UBA join world business and political leaders to discuss issues central to the progress of our world, and with specific relevance to the continent of Africa. UBA is the natural partner for those seeking access to Africa’s business opportunities – we look forward to engaging with the world’s business community – to show that Africa is open to business and that UBA is ready to partner.”

Union Bank Launches Elite Banking in Abuja

As part of its commitment to provide a range of personalized banking services to its customers, Union Bank, a leading financial institution, recently launched its Elite Banking Segment for the emerging and established middle class in Abuja.

At the segment launch which took place at Union Bank’s Abuja Main Branch, elated guests and customers of the bank commented on why Union Bank’s Elite Banking Segment represents another innovative service for them in Abuja.

Speaking with news men at the event, Barrister Ikechukwu Oliya, a customer of the bank said
“My experience as a Union Bank customer has been very rewarding.

Union Bank has been in existence for a long time, and it is very satisfying to know that the bank keeps providing useful solutions to its customers’ banking needs.

”With the launch of the segment, the emerging middle class in Nigeria can enjoy benefits and value-added banking services which are usually reserved for high net worth individuals.

Some of these include an Elite Associate or relationship manager dedicated to them, access to exclusive Elite lounges at select Union Bank branches where they can carry out banking privately and priority pass cards which, among other benefits, grants them access to 850 airport VIP lounges around the world.

The Elite Banking Segment also offers benefits such as accounts with zero maintenance fees, higher interest rates, premium discounts on loans, discounts at select local partner stores and an Elite Debit Card which gives customers automatic membership to the MasterCard Platinum program where they can enjoy exclusive lifestyle offers on travel, dining, entertainment and lots more.

Addressing guests at the event, Dayo Odulate, Head, Elite & Royalty Banking, confirmed the bank’s promise to provide customers with access to unique banking services that fit their lifestyle needs.